Interstate Business Management - Tulsa

How about some good news? Here's an inspirational story about serving those we love and reminding us we're never too old to do great things.

Great-grandmother earns college degree at 90 years old At 90 years old, great-grandma Marion Thomas earned her college degree from Georgian Court University after putting her education on hold to care for her husband who was diagnosed with Alzheimer's.

PPP updates:

Deductible PPP Expenses
Under the new COVID relief bill (CAA), businesses are now allowed to deduct expenses associated with their forgiven PPP loans -- this is big news.

New PPP Funds
Further, the new law provides $284.45B to reopen and strengthen PPP for first and second time borrowers and reauthorizes the program through March 31, 2021. The requirement in order to receive a second PPP is that the small business has less than 300 employees and can demonstrate a revenue reduction of 25% in any quarter.

PPP Forgiveness
There are now simplified forgiveness applications for loans under $150K. Every lender will handle slightly differently, but what the bill indicates is that the borrower signs and submits a one-page certification that requires the borrower to list the loan amount, the number of employees retained, and the estimated total amount of the loan spent on payroll costs. That's it!

Eligible Expenses
The bill also expands the list of eligible expenses to include covered operations (software, cloud computing and other human resources and accounting needs), PPE, covered supplier costs and damage costs due to public disturbances.

Related to EIDL
The bill repeals the CARES Act provision that requires borrowers to deduct their EIDL Advance from their PPP loan forgiveness amount.
..That's a lot of info, but we wanted to simply summarize the basics of the new PPP provisions for you. (Yes, that was the simplified version.)

Let us know what questions you have. We can help.